FOR IMMEDIATE RELEASE – September 30, 2015
VESTIS GROUP SELLS ARCADIA PHOENIX APARTMENTS FOR $146,154 PER UNIT
(Phoenix – September 30, 2015) – Vestis Group, a multifamily brokerage and investment firm, is pleased to announce the sale of MODE @ 40th Street, a 13-unit apartment complex located at 3110 North 40th Street in the Arcadia-area of Phoenix. The multifamily asset commanded a sale price of $1,900,000 or $146,154 per unit.
The Phoenix based Vestis Group multifamily brokerage team of Natan Jacobs, Les Litwin and Chad Barber negotiated the transaction on behalf of the seller, MODE Apartments of Phoenix. The buyer was represented by Kris Anderson of RE/MAX Excalibur in Scottsdale, Arizona.
MODE @ 40th Street enjoys a superior east central Phoenix location near numerous Arcadia neighborhood hotspots, including: The Vig Arcadia, La Grande Orange Grocery, Postino WineCafe, Beckett’s Table, Crudo, Nook, Chelsea’s Kitchen and North Italia. Built in 1965, MODE @ 40th Street was fully remodeled and repositioned in 2015.
“After receiving a half dozen unsolicited offers on this asset, the ownership decided to let this one go,” says Natan Jacobs, Principal at Vestis Group and the lead broker for this transaction, “MODE @ 40th Street’s irreplaceable Phoenix location in the Arcadia neighborhood, with its close proximity to dining, shopping, biking and hiking trails, transportation and employment centers, really helped fuel the reposition and lease up of this asset. This turn-key asset is ideally positioned to capitalize on the red hot housing market due to its pre-existing condominium map allowing the buyer to either sell the project in bulk or as individual condos down the road.”
MODE @ 40th Street is comprised of 4 one-bedroom / one-bath units, 7 two-bedroom / two-bath units and 2 three-bedroom / two-bath units. All the units have in-suite washer/dryer, spacious kitchens, large closets and private patios. Common area amenities include an outdoor fireplace, swimming pool, gazebo, grilling station and covered parking.
Vestis Group is the broker of choice for individuals and institutions investing in multifamily residential real estate throughout Metropolitan Phoenix. Our advisors assist clients in the acquisition and disposition of multifamily investment assets, including, apartments, bulk condo packages, duplex/triplex/fourplex properties, single-family rental portfolios (SFR Portfolios) and income producing single-family investment properties. In the field of housing, Vestis Group’s principals have developed, built, rehabilitated, constructed, improved, managed, and sold thousands of apartments units, condos, single-family homes and home sites.
About Vestis Group | Phoenix Condo Kings
Vestis Group provides unparalleled service and expertise to both Buyers and Sellers in Arizona’s most sought after neighborhoods, including Arcadia, Biltmore, Camelback Corridor, North Central Phoenix, Downtown Phoenix, Midtown Phoenix, Phoenix Historic Districts, Old Town, Scottsdale, Paradise Valley, Fountain Hills, Tempe, Mill Avenue and Lake District, and Tempe Near ASU. Representing residential property sales throughout Maricopa County including luxury condominiums, lofts, condos, townhomes, single-family homes and investment real estate, Vestis Group is dedicated to the highest standards of professionalism, expertise and client satisfaction.
Vestis Group’s principals, Natan Jacobs and Les Litwin, have sold over 5,600 condos in the Metropolitan Phoenix market, totaling over $295 million in Arizona real estate transactions and have developed, built, rehabilitated, constructed, improved, managed and sold thousands of apartments, condos, homes and home sites.
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